Actinogen Medical (ASX:ACW) completed an AU$8.1 million placement and launched a AU$3 million share purchase plan to advance its XanaMIA Alzheimer's trial, according to a Wednesday filing with the Australian bourse.

The placement comprised roughly 270 million new shares issued at AU$0.03 each, with three options granted for every four shares. The options are exercisable at AU$0.05 and will expire on Sept. 30, 2027.

Chief Executive Officer Steven Gourlay subscribed for AU$1 million in the placement, while other directors subscribed for a total of AU$130,000, subject to shareholder approval.

Meanwhile, the share purchase plan offers a maximum of 100 million shares and 75 million new options on the same terms as the placement, the filing stated.

The biotechnology company's shares were down nearly 9% in recent Wednesday. trade.

Price (AUD): $0.03, Change: $-0.0030, Percent Change: -8.57%